Free Trial

Needle Still Points South

USDCAD TECHS
  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2351 High May 4 and a key near-term resistance
  • RES 2: 1.2288 High May 13
  • RES 1: 1.2164/2203 20-day EMA / High May 6
  • PRICE: 1.2075 @ 16:54 BST May 27
  • SUP 1: 1.2013 Low May 18
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1920 Low May 2015
  • SUP 4: 1.1849 2.0% 10-dma envelope

USDCAD edged through Wednesday's gains into the Thursday close, reinstating the bearish outlook. The recent key technical development has been the move through major support at 1.2062, Sep 2017 low. This represents an important pivot chart point, marking either the base of a broad range or the midpoint of a double top reversal pattern. Scope is seen for a test and break of the psychological 1.2000 handle. Initial firm resistance is at 1.2203, May 13 high. The bear trigger is 1.2013, May 18 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.